Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0485%/8h= −53.1% APRpaid last 24h −0.051%

Price spread now: Injective against BloFin−0.556%7-day average −0.139% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 3 days (all we have)+0.384%+$38 · spread now −0.556%, 7d avg −0.139%

Together, before fees+0.253%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Injective is 0.417% cheaper against BloFin than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of −0.139%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.131% in total (about -6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PYTH-USDT	0.06295	0.0057	pay 0.0029% / 4h	1h 40m	$420K	$115K	75x
Short	Injective PYTH/USDC PERP	0.06260	−0.0428	pay 0.0053% / 1h	40m 26s	$553	$220K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee InjectivebpOrdersPrice spread, now −0.556%Rate

Funding earned: −$101.86
Price spread: −0.556% → −0.139%: −$41.69
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$155.58
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 40 min ago; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 40 min ago	0.79 bp	15.2 bp −$15	29.8 bp −$298	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PYTH on 23 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PYTH/USDC PERPshort	−0.0428%	1h	0.06260	−0.556%	$553	$220K	5.5x
Kraken Futures PF_PYTHUSD	−0.0207%	1h	0.06311	+0.252%	$383K	$252K	25x	as long as short
Bybit PYTHUSDT	−0.0042%	4h	0.06309	+0.222%	$7.4M	$5.1M	50x	as long as short
Gate PYTH_USDT	−0.0016%	4h	0.06300	+0.079%	$1.1M	$478K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06313	+0.287%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06312	+0.270%	$10K	$10K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0020%	1h	0.06311	+0.248%	$38K	$88K	10x	as long as short
Binance PYTHUSDT	+0.0021%	4h	0.06302	+0.111%	$9.1M	$17.0M	75x	as long as short
MEXC PYTH_USDT	+0.0022%	4h	0.06301	+0.095%	$9.2M	$2.3M	125x	as long as short
BloFin PYTH-USDTlong	+0.0057%	4h	0.06295	long leg	$420K	$115K	75x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.160%	$40K	$6K	25x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06306	+0.172%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06312	+0.270%	$198K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06302	+0.108%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06310	+0.237%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06306	+0.175%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06306	+0.175%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06308	+0.207%	$1.5M	$315K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06308	+0.207%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06304	+0.143%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06304	+0.139%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06306	+0.168%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06303	+0.133%	—	—	20x	as long as short